LANG: “I think most legislators in this building, even those who will never vote to extend that income tax increase, would tell you we need the dollars.”

Lang would dedicate that money to pensions. The retirement system for Illinois workers is the worst-funded in the nation, estimated to be $97 billion dollars short of what it needs to pay future benefits.

Lang’s come out with the latest in a series of plans to address the problem. Like other proposals, his would have school districts and universities take over the employer share of retirement contributions, which are currently paid by the state.

State workers would also feel the pinch, paying three-percent more out of every paycheck, and not being able to retire until age 67.

Asked about the proposal, Governor Pat Quinn says he supported the tax increase with the idea it would eventually roll back. He says, “we’ll go with that.”

One Response to Rep. Lang Proposes Making Income Tax Increase Permanent

“Lang would dedicate that money to pensions. The retirement system for Illinois workers is the worst-funded in the nation, estimated to be $97 billion dollars short of what it needs to pay future benefits.”

the illinois pension system is in debt because money that was supposed to go to fund the pensions, was spent on other things. who really believes Lou Lang that this permanent tax increase will really wind up going into the pension fund. once Lang and other politicias get their hands on the money, they will not be able to control themselves. they will spend the money on other projects and the pension system will get worse and Illinois’ bill will remain unpaid